CHICAGO: Spot basis bids for corn were steady to firm in the US Midwest on Wednesday, supported by a slow pace of farmer selling, while soybean basis bids were flat to weaker, merchandisers said.
Corn bids have had a firm tone this week among processors in the western Midwest, with the basis firming at an ethanol plant in Council Bluffs, Iowa.
For soybeans, the basis fell at Cincinnati, Ohio, and at Seneca, Illinois, on the Illinois River.
Exporter bids for soybeans at the US Gulf export terminal have softened in the last day, pressuring soy bids at river locations
that feed the Gulf.
Chicago Board of Trade corn and soybean futures pushed higher on Wednesday as traders worried that prices had dropped too low while there is still great uncertainty about the size of the autumn harvests.
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